The black market exchange rate for the Dollar to Naira has surged to ₦1610 today, with traders in Lagos buying dollars for ₦1602. This marks a continued struggle for the Naira as the Central Bank of Nigeria (CBN) maintains its disconnection from parallel market rates.
- Dollar to Naira Rate: Black market players are now buying USD for ₦1602 and selling for ₦1610.
- CBN's Stance: The Central Bank of Nigeria does not recognise parallel market rates, urging Forex seekers to use authorised banks.
- Market Dynamics: The fluctuating rates demonstrate continued instability in Nigeria's currency exchange.
- CBN Official Rate: The CBN rates today range from ₦1580 to ₦1603.
- Impact on Citizens: Many Nigerians rely on the black market, causing concerns about inflation and economic stability.
The ongoing disparity between the official and black market rates highlights the economic challenges faced by everyday Nigerians. Despite the CBN’s attempts to regulate the Forex market, many turn to the parallel market, where the cost of exchanging dollars continues to rise. This ongoing volatility is expected to put more pressure on the Naira, leaving many concerned about the future of the economy.
How long will the CBN’s efforts to stabilise the Naira continue to clash with the realities of the black market? The situation remains uncertain—what are your thoughts on Nigeria’s currency crisis?
